Re: PayDay Loans--Help!

I live in NY. I have gotten a payday loan a few years ago, Since it is illegal in NY, could I take one out then remind the company that they did something illegal?

New York State Information

Legal Status:Prohibited

Citation:Licensed lender law applies but interest rate is that agreed to by contract. N.Y. Banking Law § 340 et seq. A check casher licensee cannot make loans nor cash or advance any moneys on a post dated check unless it is a payroll check. N.Y. Banking Law § 373. Criminal law sets the usury cap at 25%. N.Y. Penal Code § 190.40.

Re: PayDay Loans-sinking!

What a nightmare. I was in that sinking ship several years ago. I had to take a half day off every payday & run from place to place paying each one. By then just about all my check was gone. It was so horrible!

Then one day the house of cards came crashing down. I had a check bounce and that was it. The next payday, one of the loan checks cleared and my account had $10.left to live on for 2 weeks.

The phone calls for the next year or so was downright scary. I pretty much had to default on 3 of the loans. I was paying one back every month from a ca. Then my payments started to be returned. I think they had some kind of trouble with the pdl place. But by then I was about paid up on it (by 3x's the loan).

I know if anyone is using a pdl place its because it's a last resort. No cc's or no where else to go. It is pure hell. I can only imagine how much money these lenders made when they first started out.

Re: PayDay Loans--Help!

I was in the boat at one time. I'm not sure what the laws are in your state but in California if you tell them you can no longer accept personal calls at work they should not be calling you at work. They have to contact you at home or on your cell. You don't have to answer. As a habit of creditors working my nerves, I never answer 800 numbers. I check my messages and if I want to talk, I'll call them back in my time or maybe never.

I had gotten caught up wi three payday loans a few years ago. The ones I had, I had to come in on payday or the day after. I'd turn it over meaning I'd pay the $300 to borrow $255, go to the next store add $45, pay that $300 to borrw $255, then do the same thing at the 3rd store. At that time I was paid bi-weekly so in the months where I received 3 checks rather then 2, I eventually starting paying them down. Instead of borrowing $300, I would borrow sy $200 each time from all three then, drop it down to $125 or $150. Problem with that, I didn't have any "extra" money to do other stuff, like eating out or pay for unexpected emergencies. That hurted. I finally paid them all off and on my last payment, when they said "do you want another one? I said No I'm glad to be done with this. It's so easy to get caught up. One of my friends currently has 6 payday loans and she is "retired" and on a fixed income. She's been struggling to get them all paid down. Another friend of mine just went and started one this week to get her electricity turned back on. It can be helpful in times of dire need but my recommendation is start getting it paid down as quickly as possible.

Re: PayDay Loans--Help!

i was once like this, i closed my account. They can't get the money . They called me on the the next day. I told them I wanted to make installments. They allow me and I didn't have to pay interest on that. I did that to 3 of them. This was 4 years ago.

Re: PayDay Loans--Help!

Well i know of some people who actually go around to several of these places in a 1-2 day time frame and get 3000$ + from these guys( can only do it once, after you are in the stores system thats it), changed there #'s ect, and never heard from them again and it has yet to be posted to their credit reports. one of my friends said he asked advance america if they report to the credit companies and she said they do not report.. but i dont know ... i wouldnt risk my credit for a few grand though ..

one question though has anyone ever had advance america go on their credit, maybe go to collections then go on your credit?

Re: PayDay Loans--Help!

Jarred wrote:

one question though has anyone ever had advance america go on their credit, maybe go to collections then go on your credit?

Not me, but I've seen it reported from a CA on someone's CR.

When your friend asked if they reported, most likely the OC was answering on the basis of thinking your friend was going to make good and wanting to know if his payment history would help his credit. I am sure when the friend asked, the OC wasn't thinking "He is asking if we report when he goes bad".

Re: PayDay Loans--Help!

OK need help here. I got a call from a private number from someone that sounded Indian, stating that i have a lawsuit against me from national Payday Services and he was from the lawfirm. He told me that the loan was for $300 and i now had to pay back $1095 so that i would not have criminal charges against me. He told me that i had to fax over a letter of apology to the creditor and an authorization to withdraw funds from my account. When i asked for his phone number he gave me one that has 12 numbers in it.

If it is mine i will pay it and it could be mine. I sent them a fax stating that i want something in writing stating who the original creditor, date of loan, and loan amount was.

Re: PayDay Loans--Help!

Ack! Do NOT pay them....there has been a scam going around where they call you , threatening to sue you. Some company got a hold of people's names and numbers from pay day loan sites who took out loans years ago and now are threatening illegal stuff so they can get you to pay money you don't owe. I had a gazillion calls from an 814 area code with a guy on the other end sounding like he was in a crowd of people. He had an Indian accent and was threatening legal action. The thing is...I paid off my loans...so...couldn't be true.

There was even a story about this...can't remember which news channel. Anyway, it's most likely a scam. They have you wire money or send a cashier's check...but you don't actially owe money.

Do a LOT of reserach on this...but really, I would report it to the State.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.